Dubai takes a stake in Macau’s future
MACAU – – The Dubai-based Jumeirah Group is to operate a five-star hotel in Macau as part of an agreement with Hong Kong developer Shun Tak Holdings managing director Pansy Ho.
The Jumeirah Macau hotel will be located in the Cotai Strip and is scheduled for completion in 2013.
The Jumeirah Macau hotel is the third management agreement for the Jumeirah Group in China, said Gerald Lawless, executive chairman of Jumeirah Group.
The others are the Jumeirah HanTang Xintiandi, scheduled to open in Shanghai in 2009, and the Jumeirah Guangzhou hotel, scheduled for 2011.
Jumeirah Group is a member of state-owned Dubai Holding, which operates Dubai’s Burj Al Arab hotel.
Sister state-investment firm Dubai World has a 10 percent stake in Las Vegas casino developer MGM Mirage, which operates the US$1.25 billion MGM Grand Macau through a separate 50-50 joint venture with Ho.
Ho said the budget, scope and means of funding of the project were yet to be decided, but it could have a hotel tower and a separate tower with serviced-apartment hotel units.
The hotel property would not include a casino, she said.
“Shun Tak’s view of the Macau economy is long term,” Ho added.
“We remain positive that its fundamentals are strong and sound, and will continue to invest in its future, trusting that it will be one of the first destinations to recover from the recent market adjustments” she said.
Shun Tak Group owns 50 percent of the Mandarin Oriental Macau, and 34.9 percent of the Westin Resort Macau.
In the first 11 months of this year, Macau casino sector’s gaming gross receipts hit US$ 12.6 billion, a year-on-year growth of 35 percent.
Macau received 25.1 million visitors in the first ten months of 2008, which was a rise of 14.5 percent against the same period of 2007.
Ian Jarrett
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